SINGAPORE, Nov. 05, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc. (NASDAQ: FUFU) (“BitFuFu” or the “Company), a fast-growing digital asset mining service and world-leading cloud-mining service provider, today reported its unaudited financial and operational results for the quarter ended September 30, 2024. Third Quarter 2024 Operational Highlights Hosting capacity of 556 MW diversified across 17 sites on three continents, compared with 339 MW across 16 sites on two continents during the same period of 2023.Total mi ...

Core Viewpoint - BitFuFu Inc. is set to report its unaudited financial results for Q3 2024 on November 5, 2024, before U.S. markets open [1] Company Overview - BitFuFu Inc. is a rapidly growing digital asset mining service and a leading provider of cloud-mining services [3][4] - The company has received early investment from Bitmain, a prominent digital asset mining hardware manufacturer, and is Bitmain's sole strategic partner in the cloud mining sector [3][4] Financial Reporting - The earnings conference call will take place at 8:00 A.M. U.S. Eastern Time on November 5, 2024, with registration required for participants [2] - A live and archived webcast of the conference call will be available on the company's investor relations website [3] Services and Infrastructure - BitFuFu is committed to creating a secure, compliant, and transparent blockchain infrastructure, offering a range of stable and intelligent digital asset mining solutions to a global clientele [4] - The company leverages its expanding global mining facility network and its strategic partnership with Bitmain to provide efficient mining solutions for institutional customers and digital asset enthusiasts [4]

Core Insights - BitFuFu Inc. has announced a definitive agreement to acquire a majority stake in an 80 MW Bitcoin mining facility in Ethiopia, marking a strategic shift from an asset-light model to a more diversified Bitcoin mining infrastructure portfolio [1][2] - The acquisition is expected to enhance BitFuFu's hosting capacity to over 600 MW, with approximately 13% of this capacity being owned and operated by the company [1] - The new facility will potentially add 4.6 EH/s mining capacity and reduce the company's cost per Bitcoin due to power costs averaging below US$0.04 per kilowatt-hour [2] Company Strategy - The acquisition is seen as a critical milestone for BitFuFu as it aims to vertically integrate and diversify its Bitcoin mining operations [3] - The company plans to leverage lower energy costs from the new facility to reduce production expenses, expand operational capacity, and enhance profitability [3] - Future plans include technological upgrades to improve energy efficiency and mining capacity at the new site, as well as potential further acquisitions or facility constructions to strengthen its global position [3] Market Position - With most of its mining infrastructure currently in the United States, this acquisition will enhance BitFuFu's competitive advantages in the international market and expand its global footprint [2] - The new facility is expected to create valuable employment opportunities for the local community, contributing to regional economic development [2] - BitFuFu is recognized as a fast-growing digital asset mining service provider and maintains a strategic partnership with Bitmain, a leading digital asset mining hardware manufacturer [4]

Core Insights - BitFuFu Inc. will participate in TOKEN2049 Singapore, a major crypto event scheduled for September 18-19, 2024, which is expected to attract 20,000 attendees from over 7,000 companies and 150 countries, making it the largest crypto event globally [1][2]. Company Overview - BitFuFu is a rapidly growing digital asset mining service and a leading cloud-mining service provider, having received early investment from Bitmain, a prominent digital asset mining hardware manufacturer [4]. - The company is committed to providing secure, compliant, and transparent blockchain infrastructure, offering a range of stable and intelligent digital asset mining solutions to a global customer base [5]. Leadership and Participation - Mr. Leo Lu, the CEO of BitFuFu, will represent the company at the conference and participate in a panel discussion titled "Bitcoin Mining and HashFi in the New Situation," focusing on hashrate RWA opportunities [3]. - Mr. Lu expressed enthusiasm about sharing insights and visions with industry leaders at TOKEN2049, emphasizing BitFuFu's role in the evolving cryptocurrency landscape [4].

Core Viewpoint - BitFuFu, Inc. is actively engaging with investors through participation in two upcoming conferences in September 2024, showcasing its growth in the digital asset mining sector [1][2]. Group 1: Conference Participation - BitFuFu will attend the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11, 2024, in New York, where the CFO will present and hold one-on-one meetings with institutional investors [1]. - A live webcast of BitFuFu's presentation at the H.C. Wainwright conference is scheduled for September 10, 2024, from 12:30 PM to 1:00 PM US ET [1]. - The company will also participate in the Sidoti Small-Cap Virtual Conference on September 18-19, 2024, with a live webcast on September 19, 2024, from 9:15 AM to 9:45 AM US ET [2]. Group 2: Company Overview - BitFuFu is recognized as a fast-growing digital asset mining service and a leading cloud-mining service provider, having received early investment from Bitmain, a major player in digital asset mining hardware [4]. - The company is committed to providing secure, compliant, and transparent blockchain infrastructure, offering a range of stable and intelligent digital asset mining solutions to a global customer base [5]. - BitFuFu leverages its expanding global mining facility network and strategic partnership with Bitmain to enable efficient mining for institutional customers and digital asset enthusiasts [5].

SINGAPORE, Aug. 20, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., (NASDAQ: FUFU) ("BitFuFu" or the "Company") a fast-growing digital asset mining service and world-leading cloud-mining service provider, today reported its unaudited financial and operational results for the quarter ended June 30, 2024. Second Quarter 2024 Operational Highlights Hosting capacity of 522 MW diversified across 25 sites on three continents, compared with 374 MW across 17 sites on three continents during the same period of 2023. Total mi ...

Core Viewpoint - BitFuFu Inc. is set to report its unaudited financial results for Q2 2024 on August 20, 2024, before U.S. markets open [1] Group 1: Financial Reporting - The earnings conference call will take place at 8:00 A.M. U.S. Eastern Time on August 20, 2024 [2] - Participants must register in advance to join the conference call, receiving a confirmation email with dial-in numbers and a unique access PIN [2] Group 2: Company Overview - BitFuFu is recognized as a fast-growing digital asset mining service and a leading cloud-mining service provider [4] - The company has received early investment from Bitmain and remains its sole strategic partner in the cloud mining sector [4] - BitFuFu aims to provide secure, compliant, and transparent blockchain infrastructure, offering various digital asset mining solutions to a global customer base [5]

SINGAPORE, May 20, 2024 (GLOBE NEWSWIRE) – BitFuFu Inc., ("BitFuFu" or "the Company") (NASDAQ: FUFU), a fast- growing digital asset mining service and world-leading cloud-mining service provider, today announced its unaudited financial results for the first quarter ended March 31, 2024. Exhibit 99.1 BitFuFu Inc. Reports Unaudited First Quarter 2024 Financial Results First Quarter 2024 Operational Highlights | | As of March 31, | | | --- | --- | --- | | | 2024 | 2023 | | Metric | | | | Hosting capacity (MW) ...

As filed with the Securities and Exchange Commission on April 30, 2024 Registration Statement No. 333-278207 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ Amendment No.1 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 __________________________________________ BITFUFU INC. (Exact name of Registrant as specified in its charter) __________________________________________ Cayman Islands 6770 Not Applicable (Primary Standar ...

Revenue and Financial Performance - Revenue increased from US$103.0 million in 2021 to US$198.2 million in 2022, and further to US$284.1 million in 2023, reflecting significant growth[35] - Cost of revenue incurred was US$94.0 million, US$162.0 million, and US$271.4 million in 2021, 2022, and 2023, respectively, with gross profit margins of 8.8%, 18.3%, and 4.5%[61] - Net profit realized was US$4.9 million, US$2.4 million, and US$10.5 million in 2021, 2022, and 2023, respectively[61] Digital Asset Market Volatility - The price of Bitcoin fluctuated between approximately US$30,000 to US$68,000 in 2021, US$16,000 to US$46,000 in 2022, and US$17,000 to US$44,000 in 2023, indicating high volatility in the digital asset market[39] - The company recorded a significant drop in the price of Bitcoin, which adversely affected the demand for its cloud-mining services and profitability[39] - The price of Bitcoin has shown significant volatility, ranging from approximately US$30,000 to US$68,000 in 2021, and from approximately US$17,000 to US$44,000 in 2023[131] Impairment and Losses - Impairment losses on digital assets were recorded at US$12.9 million in 2022 and US$7.0 million in 2023 due to significant drops in Bitcoin prices[41] - The company recorded an impairment loss of $9.8 million on assets held by FTX in 2022 due to the bankruptcy of the exchange[97] - The company has suspended transactions with FTX following its bankruptcy filing, where it had deposited $2.1 million and 480 Bitcoins[97] Customer and Supplier Risks - The company faces risks related to customer concentration and reliance on a limited number of suppliers for critical services and products[30] - Revenue from the largest customer, Chainup Technic Limited, accounted for 30%, 17%, and 15% of total revenue in 2021, 2022, and 2023, respectively, while sales to the top three customers accounted for 51%, 31%, and 26%[53] Regulatory and Compliance Risks - The company is subject to various regulatory risks that could impact its operations and market position in the digital asset industry[33] - The company must comply with various regulatory requirements, and failure to obtain necessary approvals could materially affect operations and financial results[88] - The company may encounter compliance issues with regulatory bodies, potentially leading to legal proceedings and adverse effects on operations[99] - Regulatory scrutiny on digital assets has intensified, particularly following the bankruptcy of FTX and other companies, leading to increased compliance costs and operational adjustments[149] Operational Challenges - The company faces risks associated with global expansion, including high investment costs and competition from established players[62] - The company is capital intensive, and failure to secure necessary capital may delay or limit expansion efforts, impacting financial results[72] - The company requires additional facilities to increase capacity for mining equipment, which may lead to increased operational costs and challenges in maintaining profit margins[74] Cybersecurity and Asset Protection - The company relies on third-party custodial wallets for safeguarding customer digital assets, which may not be adequately protected against theft[92] - The company may face significant costs related to cybersecurity threats, which could disrupt operations and adversely affect its reputation and financial results[80] - The company faces risks associated with the loss or destruction of private keys, which could result in irretrievable loss of digital assets[95] Market and Competitive Landscape - Competition in the digital asset industry is expected to intensify, with existing and new competitors introducing new products and enhancing services[46] - The digital asset industry is characterized by rapid technological evolution and constant changes in customer demands, which the company must navigate to remain competitive[37] Environmental and Economic Factors - Concerns about greenhouse gas emissions may lead to environmental taxes or penalties, impacting the company's financial condition and results of operations[124] - The company is vulnerable to global economic downturns, which could negatively impact the prices of digital assets and overall business performance[77] Shareholder and Corporate Governance - The company may issue additional Ordinary Shares without shareholder approval, which could dilute existing ownership and depress share price[199] - The board of directors has complete discretion regarding dividend distribution, with no guarantee of share price appreciation or avoidance of decline[208] - Shareholders have limited rights to inspect corporate records and accounts under Cayman Islands law[219] Future Outlook and Strategic Considerations - The company may need to adjust its pricing strategy in response to fluctuations in digital asset prices and market demand[40] - Future acquisitions or strategic alliances may disrupt operations and increase expenses, with uncertain outcomes regarding their success and integration[79] - The difficulty of digital asset mining is expected to increase with the supply of mining equipment, which could negatively affect the economic returns of mining activities and demand for the company's services[126]